In more than 40 episodes spanning 75 years, equity and bond fund investors have defied predictions that they would panic and spark crises. Yet banking regulators won’t let go of their “run” scenario. Why?

Italy is seeking flexibility from the Commission on its 2017 budget law, citing costs from the refugee influx and the earthquakes.

But Moscovici, who is responsible for the EU's economic and financial portfolio, explained current rules are there for a reason and it "is not realistic" to change the Stability and Growth Pact just because problems are piling up.

Sapin dismissed the idea that France wanted any special treatment from Brussels and said it's important that EU members work together to overcome political and economic difficulties. "We cannot have different ways of applying the same rules," Sapin said.